All Forum Posts by: Lyndsay Zwirlein

Your budget will dictate this to some extent too. I had a client buy for $250k this Fall in a popular vacation market in Ohio (Hocking Hills). Whereas a big beachfront home in FL or pool cabin in the smokies could cost $1mm. Start looking in places you love like others said and cost of entry can guide you from there. 

Quote from @Elise Hazzard:

Lyndsay, hope it all works out..this is truly a nightmare in FL!

Truly!! It’s scary to think what rates will look like in 1-2 years! 

As long as you show rental income to offset your current mortgages, you should be able to qualify for more conventional loans (if your DTI is in fact 40%). Specifically there's a conventional investment home loan max 85% LTV that allows you to use proposed rental income to help you qualify too.

I’d strategize with your loan officer now before filing 2022 taxes! Reach out if you need anything!

Quote from @Paul Xiong:

HI I am a travel nurse who make about 86000 was told by my loan officer that because I am technically a contract based employment that she couldn't help us for another 2 years. Is there anyone here who can help us get through this problem?

Thank You

How long have you been a nurse? How long have you been a travel nurse? More info is needed to make a determination on your scenario. Like others have said, some lenders have different guidelines. I am working on one of these right now for another client and our underwriters will average income for the last 12 months from your W2s. Feel free to reach out with questions!

Yep! You can utilize a 10% down vacation home loan if you intend to occupy it personally for a couple weeks of the year like Robin said. That’s the lowest down payment option I’m aware of. Everything else requires you to owner occupy. 

Also if your debt to income doesn’t work for the price point you’re considering, there’s also a Conventional investment home loan with only 15% down that allows you to use proposed rental income to qualify. Lots of options! Happy to help if you have questions!

I’ve looked into it and am considering installing one in each of our properties as electric cars become more popular. I spoke with a knowledgeable electrician in sevierville who works primarily on cabins and he recommended charge point!

Quote from @Traci Jacob:

We are in the process of purchasing a STR condo in Branson Missouri. Is it possible to do the 10%down? The two banks we applied only says 20%down. We have excellent credit. Any suggestions of who to apply with. Thanks

You should be able to use a 10% down second home loan if you intend to use the property a couple weeks of the year for personal use. It’s ok if you rent it out as an STR the remainder of the time. However with these conventional loans, it requires the condo project to be eligible for delivery to Fannie/Freddie. Does your agent or the HOA have info on the condo itself? 

If the condo can’t be done via conventional financing, you can always do a DSCR loan! Those require 20% down. Happy to help answer any questions. I work with a lot of str investors and own several personally!

Agree with Nick. This will depend on the lender. Conventional loans require 2 months of seasoning. Non-QM lenders have varying requirements. I would recommend asking your LO before your start the process so you know what to expect and what their underwriters will request!

Quote from @Carlos Ptriawan:

Quote from @Lyndsay Zwirlein:

Agree with the above. You have more control with a SFH. Plus with a condo, in addition to the HOA risk you can also have assessments over time. My friend has is in the middle of a 2-3 year legal battle with their HOA over a construction issue. Due to the litigation, they haven't been able to sell for years. Plus the HOA is charging double to cove legal fees. Plus the might have to pay a $75k assessment if they lose the case. Condos can totally work out, but it's important to be aware of all of the risks.

 hoa condo issue is usually very specific and can be analyzed during purchase, what's the structure of the building, when it's built, is it side by side or more like an apartment complex.
all these due diligence that makes investing in HOA worthy or not. Check when and if people selling the condo.

I've seen two condo in last two weeks. One is pretty easy,clear. Only one tenant/building --built in 2005, the other condo built in 1971 but you see from the outside that the condo has deferred maintenance problems even before you place a bid. It's built like an apartment. 

So i think HOA issue cant be generalized, it's like you are comparing abandoned SF in Detroit vs nice SF in Denver. 

Agreed that you have to do due diligence, but that's only helpful for active issues. What some people don't realize is these issues can come up during ownership and it's unexpected and you're stuck. Even on new construction. These are facts and risks of a condo and dealing with an HOA.

The world is your oyster! Love this! If you house hack, you can't use DSCR. DSCR loans have to be non-owner occupied. If you house hack and it's owner occupied, you can use a conventional loan (minimum down payment is 5%). Also FHA is 3.5% down.

Also make sure you're aware of the property type. If it's a duplex, you can use the projected rental income from the property to help you qualify. If it's got an ADU, you would have to make sure it is zoned as an ADU if you need that rental income to qualify.

Happy to help if you're looking for lenders!